FCA Bans Crypto-Exchange Binance From UK Market – Law360

Law360, London (June 28, 2021, 11:05 AM BST) — The finance regulator has banned Binance Group, a German cryptocurrency company, from operating in Britain and has warned consumers to steer clear of unregulated digital assets.

Binance Deutschland GmbH, which says it is the world’s largest cryptocurrency exchange by trading volume, has been offering investment products to British customers via its website, even though it is not authorized to trade in the country, the Financial Conduct Authority said on Saturday.

“Be wary of adverts online and on social media promising high returns on investments in crypto-asset or crypto-asset-related products,” the FCA said. “Most firms advertising and selling investments in crypto-assets are not…

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